Next Investors logo grey

Mozambi Resources extends major discovery at Namangale


Published 11-NOV-2015 10:14 A.M.


2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

Mozambi Resources (ASX:MOZ) extended its already major graphite discovery at Namangale in Tanzania to a strike length of 1.2km, and is now aiming to extend it further to 2km.

The ASX-listed company told the market today that an ongoing reverse circulation and diamond hole drilling campaign had extended the effective strike length of the Namangale deposit from 800m to 1.2km.

Intercepts from RC drilling included hits of up to 79m, with diamond drilling including hits of 93.1m.

While assays have yet to be returned, MOZ said mineralisation had been logged as “medium or high grade” with coarse graphite observed.

It also said all mineralisation was either intersected from surface or began at shallow depths.

“The results confirm mineralisation occurs over a very substantial thickness from surface and our early modelling is showing a significant size graphite deposit at Namagale,” MOZ managing director Alan Armstrong said.

The drilling was done to test a large electromagnetic anomaly which was measured at 1.8km in length, with 48 RC holes now done for 2517m. The anomaly strikes to the north east with similar intensity to the areas already drill tested, with MOZ saying this opened up the possibility of further extensions.

To test the theory, Armstrong said further drilling would now be fast-tracked in order to define a JORC resource at Namangale.

It will now aim to undertake two more lines of drilling to expand the potential strike length to 2km, but MOZ said there was a possibility there could be more to the north and south.

In other MOZ news, it took two short holes at its Chidya deposit, with the company reporting large graphite mineralisation being intersected from near surface in both holes.

About Namangale

The Namangale Prospect is contained in one of the areas picked up by MOZ as part of a deal struck with a local mining company back in September.

It picked up the prospect for an initial $104,000 in cash, with it also picking up three other tenements.

The Namangale Prospect is part of the broader Nachingwea Project in the south east of Tanzania, which is quickly becoming a graphite hotspot in Africa.

A number of resource companies have declared resources nearby, including fellow ASX-listed company Magnis Resources (ASX:MNS), which has a project 60km to the north.

Graphite mineralisation in the province typically occurs in stratigraphic layers of graphitic schist within a package of high pressure metamorphic rocks which make up the Mozambique Mobile Belt.

This belt extends south into Mozambique, and is the belt being tapped by the likes of Syrah Resources (ASX:SYR) and Triton Minerals (ASX: TON), which have both identified graphite deposits of over 1 billion tonnes.



General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.